Wolverine tops 3Q profit expectations

Wolverine World Wide on Tuesday reported profit of $57.8 million in its third quarter.

On a per-share basis, the Rockford, Michigan-based company said it had profit of 57 cents. Earnings, adjusted for costs related to mergers and acquisitions, came to 63 cents per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The footwear maker posted revenue of $711.1 million in the period, falling short of Street forecasts. Analysts expected $719.8 million, according to Zacks.

Wolverine expects full-year earnings in the range of $1.57 to $1.63 per share, with revenue expected to be $2.75 billion.

Wolverine shares have declined 27 percent since the beginning of the year. The stock has decreased 17 percent in the last 12 months.